“Making cryptocurrencies as future trading subject is not as easy as falling off a log, we are making history as we are pioneer.”
Heaptalk, Jakarta — The Indonesian Ombudsman holds a meeting with The Commodity Futures Trade Regulatory Agency (Bappebti) concerning the effort to handle and solve public complaints on Thursday (02/02). Taking place in Bappebti’s Auditorium Office, member of Indonesian Ombudsman, Yeka Hendra Fatika, conveyed that several issues have been discussed, spanning investment scams, crypto exchange, and crude palm oil (CPO).
In the press conference, Yeka appreciated Bappebti’s outstanding performance as the agency had returned Rp2 billion (US$135,000) to the public by solving two issues out of 20 reported issues from 2021 to 2023. Most issues were reported in 2022 and two issues were reported in 2023 and a total claim of the remaining issues are Rp63 billion. Responding to these complaints, both institutions agreed to follow up on the case soon.
In more detail, he explained that 95% of the public complaints are the request to investigate investment scams, including fraud in the forex market. Addressing this challenge, Bappebti will scrutinize the case, investigating whether the loss is caused by fraud or part of investment risk. If the case is classified as fraud, perpetrators will suffer the consequences, including business license termination to imprisonment.
Indonesian Ombudsman also received a report of protracted delays in the creation of the futures crypto market. The informant stated that the Company submitted the requirement a long time ago, but Bappebti has not made a decision yet. Therefore, Ombudsman RI will perform a deeper investigation to provide justice to people.
Regarding this report, Task Executor Head of Bappebti Didid Noordiatmoko stated, “We will examine carefully and follow up this report. Making a cryptocurrencies as future trading subject is not as easy as falling off a log, we are making history as we are the pioneer. We cannot adopt another guideline as there is no example. We have to formulate it by ourselves. Thus, we have to be meticulous. However, our measure makes the process takes longer.”
Didid added that several companies had passed the administrative requirement, but making a crypto exchange cannot solely rely on administrative fulfilments, Bappebti has put several aspects to avoid any undesirable incident that may harm the public. Yeka affirmed that the Ministry had instructed the institution to prepare the crypto exchange this June and to materialize this mandate, the agency will accelerate the process.
“In a concrete action, we have switched the strategy. Previously, we only waited for them, and now we have created the guidelines. Several companies have applied, but no company has met the requirement. To drive the process, we also provide feedback to them,” said Didid in his closing statement.
